What effective annual interest rate

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Can someone please help me with question (b)? I got the answer of 13.8686 years but it was wrong. Thank you for your help!

a) How many years does it take for a deposit of $1000 to reach $2900 with an annual effective interest rate of 13.7%?

b) Redo (a) above, but use simple interest for any fraction of a year.

Reference no: EM131983429

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